Openbucks is a payment gateway that allows online merchants to accept retail gift cards as an alternative form of payment to credit cards. It partners with nationwide retailers, including CVS, who operate the US’s pharmacy chain, and Dollar General, a popular convenience store operating in 46 states, to offer consumers in over 25,000 brick and mortar outlets to buy the gift cards that can then be redeemed at participating online merchants.
For Paysafe, this investment forms part of its strategy to further expand its cash alternative payment offering in the US. As part of the deal, the Openbucks team will move across to Paysafe and become part of the company’s global eCash division. The acquisition is expected to complete by the end of July.
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